Lede

Dogecoin spiked over 30% after Elon Musk changed the Twitter logo to a shiba inu, the digital coin's logo.

Summary

• Twitter CEO Elon Musk changed the blue bird on his company’s website to a shiba inu image, which is the logo of Dogecoin.
• After Musk shared a meme about the change to his 133.5 million followers, the cryptocurrency experienced a surge of over 30%.
• Attorneys for Twitter and Musk asked a federal judge to dismiss a $258 billion lawsuit from 2022 that accused the billionaire of manipulating Dogecoin's price.
• Dogecoin is the eighth-most valuable cryptocurrency, with a market cap of over $13 billion, according to CoinMarketCap.com.
• Tesla and The Boring Company, both owned by Musk, are named in the lawsuit against him due to their public endorsement of Dogecoin.
• Tesla announced in December 2021 that it would accept Dogecoin for some merchandise, causing the cryptocurrency to rise over 20%.
• Musk has indicated that he personally holds Dogecoin as well.
• Musk's lawyers described his public statements about the coin as "innocuous and often silly tweets."
• Despite selling off its Bitcoin, Tesla still accepts Dogecoin as payment for some merchandise.